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Last week we spoke about greed and its adverse effect on society. We all agree that greed is excessive to one's needs and hence not healthy to one's well-being or in fact, the well-being of society.

Mostly, we spoke on greed as an exploitative element; overcharging and taking advantage of the underdog in regards to the supply and demand model.

Meaning, if they want it, let them pay for it - at my rate (the merchant). And of course, if we need that loaf of bread or indeed the flour to make the bread, we pay the price, no matter the cost because we need these items.

The merchant knows this and therefore takes advantage of those needing the items and sells it at a ridiculously high price.

This is greed and exploitation in its clearest form. Is this right - I'm positive it isn't.

Usury

Do some research of your own, especially concerning so called third world or developing countries. Check out why a third world country remains a third world country incurring a perpetual budget deficit even after they have been 'helped' out of their economic problems by more influential governments. The answer is astounding to say the least and the cause is usury.

Also, let us examine the banking and insurance systems as they operate today. The recent financial crisis experienced first in America, with its effects spreading like wildfire throughout the world, including Bermuda.

This troubling crisis is and remains attributed to the greed that operates the financial institutions.

The exploitation of the interest system has brought the world to a financially unstable and crippling place. In Islam we call excess and undue charges 'usury' or as it is called in Arabic 'Riba'.

Usury as defined by the Collins Dictionary as (1) the practice of loaning money at an exorbitant rate of interest. (2) an unlawfully high rate of interest.

Abominable

I further add that usury causes a sinfully high rate of interest. The Bible speaks against usury in Ezekiel 18:19-13 where the Prophet Ezekiel includes usury in a list of "abominable things," along with rape, murder, robbery and idolatry.

Another example against usury in the Bible is in Matthew 21:12-13): "Then Jesus went into the temple of God and drove out all those who bought and sold in the temple, and overturned the tables of the money changers and the seats of those who sold doves.

And He said to them, 'It is written, 'My house shall be called a house of prayer,' but you have made it a 'den of thieves."

Jews are also forbidden to lend at interest to one another - check it out for yourself in Exodus 22:25; Deuteronomy 23:19-20, and Leviticus 25:35-37.

Islam absolutely forbids usury. The Quran, surah al-Baqarah (2:275-276) says "Those who devour usury will not stand except as stands one whom the devil by his touch has driven to madness.

"That is because they say: trade is like usury: but Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity, for He loves not any ungrateful sinner.... O you who believe, fear Allah and give up what remains of your demand for usury, if you are indeed believers.

"If you do it not, take notice of war from Allah and His messenger, but if you repent you shall have your capital sums; deal not unjustly, and you shall not be dealt with unjustly. And if the debtor is in difficulty, grant him time until it is easy for him to repay. But if you remit it by way of charity, that is best for you if you only knew."

The Quran also says "The usury that is practiced to increase some people's wealth, does not gain anything from God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold." (Ar-Rum 30:39).

Islamic code

Usury indeed is a menacing form of business dealing. The Islamic world did not suffer the recent financial consequences as did the Western world. Why? Because the Islamic mode of banking protects against those types of devastating consequences recently experienced by and which unfortunately continues regarding giant financial institutions of the West.

Interest of any kind is forbidden in Islam. As such, specialised codes of banking have developed to cater to investors wishing to obey Quranic law.

Future articles will expound on the Islamic code of banking, which have been implemented in many parts of the world including the United Kingdom and America, so why is it not available in Bermuda?

A majority of people are sick and tired of being used and especially us in Bermuda.

The high cost of everything from food, shelter and clothing, mortgages, insurance - just about everything is so ridiculously high. Blame it on the import of goods if you like. Certainly it has some bearing but it does not have to be the way it is.

Exploitation

We are being exploited for sure, in every way, shape and form. I have spoken with lots of people recently, some have been Muslim and some non-Muslim, but who swear that they will go without before entering into usury where they are subjected to unfair and exorbitant interest rates.

We need to try another way, the divine way already set up and ordained by Allah the Most Wise.

Islamic banking can, will and does make a difference - so why is it not offered to us? Greed, selfishness and keeping the rich richer and the poor poorer are the reasons why?

Usury is so bad, that Marcus Porcius Cato, a Roman statesman, compared it to murder, when he said: "And what do you think of usury? What do you think of murder?"

In order that we may be protected from this beast called 'usury' let us take heed of what the Quran says in surah al-Imran 3:130- "O you who believe, you shall not take usury, compounded over and over. Observe God, that you may succeed." Ameen.[[In-content Ad]]

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